FINWIRES · TerminalLIVE
FINWIRES

Calgary's Home Sales Rebound in April, But No Sign of A Sustained Recovery Yet, Says National Bank

By

-- Based on data from the Calgary Real Estate Board (CREB) for the Calgary economic region, National Bank of Canada estimates that seasonally adjusted home sales rebounded by 6.8% from March to April, following a 5.9% drop the previous month.

Despite this increase, home sales have essentially returned to their February levels, which represent one of the lowest levels of activity since the COVID-19 pandemic began, but still higher than the historical average, noted the bank last week.

In National Bank's view, the increase in sales over the month represents more of a rebound following a significant decline than the start of an upward trend.

Despite the Bank of Canada's interest rate cuts in the fall, activity in Calgary's real estate market doesn't appear to be showing any signs of a recovery in the short term, likely due to ongoing economic uncertainty and, more recently, geopolitical turmoil, it stated.

Should trade relations improve, the robust performance of the labor market in the region and a potential boost in consumer confidence could stimulate activity in the residential market, added the bank.

However, the recent rise in fixed mortgage rates due to rising inflation could limit this recovery, according to National Bank.

Related Articles

Equities

B. Riley Raises Price Target on NPK International to $21 From $19, Keeps Buy Rating

$NPKI
Sectors

Sector Update: Consumer Stocks Lean Lower Pre-Bell Monday

Consumer stocks were leaning lower pre-bell Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining by 0.1%.GameStop (GME) said it submitted a non-binding proposal to acquire all outstanding shares of eBay (EBAY) for $125 each. Shares of eBay were up more than 6% and GameStop stock was down more than 5% premarket.Tyson Foods (TSN) shares were up more than 1% after the company reported fiscal Q2 adjusted net income and sales that topped analysts' estimates.Norwegian Cruise Line (NCLH) stock was down more than 6% after the company issued Q2 adjusted earnings outlook below analysts' expectations and cut its 2026 adjusted EPS guidance.

$EBAY$GME$NCLH$TSN$XLP$XLY
Oil & Energy

EMEA Oil Update: Crude Climbs as Traders Assess Project Freedom

Crude oil futures rose on Monday as traders showed skepticism that the US Project Freedom initiative can restore normal trade through the Strait of Hormuz.Front-month Murban crude futures rose 1.7% to $105.49 per barrel, while Brent futures were up by 2.2% to $110.59/bbl."The market is steadier at the start of the new trading week, despite continued noise around developments in the Persian Gulf," ING said.Sentiment was briefly shaken by the announcement of 'Project Freedom', a US plan to guide commercial ships out of the Strait of Hormuz.However, initial sell-offs were quickly reversed as the market looked unconvinced by the plan's scope.Analysts note that without active US Navy escorts for inbound vessels, the move likely only provides temporary relief by clearing out existing floating storage rather than restoring normal trade flows.Supply concerns are further exacerbated by a lack of progress in diplomatic channels and shifts within OPEC+.Although the group announced a 188,000 b/d supply increase for June, its first meeting since the UAE's surprise exit, market experts doubt the full volume will reach the market.Over half of the scheduled increase is tied to Persian Gulf producers currently restricted by the Strait of Hormuz blockade.With President Trump reportedly labeling Iran's latest peace proposal "unacceptable" and Tehran refusing to discuss nuclear terms until port blockades are lifted, crude prices continue to hold a significant risk premium.